S. No.

Default Events

Penal Charge (per annum)

i

Default in repayment obligations

1%

ii

Overdrawing/excess drawing in CC/OD account beyond the drawing power or

Sanctioned limit including adhoc/ temporary sanctions, whichever is lower.

1%

iii

Non-perfection of security as per stipulated terms within stipulated time frame without any valid reason acceptable to the competent authority of the Bank

1%

iv

Non-submission of Stock/Book Debt Statements within the stipulated time period as per sanction terms

1%

v

Non-submission of Quarterly Information Statement (QIS)/ MSOD Statements, wherever applicable, within the stipulated time period without any valid reason acceptable to the competent authority of the Bank

1%

vi

Non-submission of Balance Sheet & P/L accounts (audited wherever applicable) within 6 months from the date of Balance Sheet without any valid reason acceptable to the competent authority of the Bank

1%

vii

Non-compliance to any financial covenant,  if specifically mentioned in terms of sanction that such non-compliance would attract penal charges

1%

viii

Non-submission of renewal papers beyond the tenability period

1%

ix

Any other specific reason stipulated in the Terms of Sanction

1%